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SPE YP Permian Basin - March Meeting
Petroleum Professional Development Center - PPDC
Midland, TX
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Event

SPE YP Permian Basin - March Meeting
This is to RSVP for the event in order to help us with catering estimates. Attendees that RSVP will be entered into a raffle for a gift card! Please RSVP by Thursday March 23rd before 11:30 AM.

Guest Speaker: Jim Schiefer - PetroDE

Topic: "Using Quantile Regression to Predict More Accurate EUR"

What: Monthly YP Section Meeting

When: Tuesday, March 28th, 2016 11:30AM-1PM

Where: PPDC, 105 W. Illinois (corner of Main Street and Illinois Avenue)

Cost: Sponsored by PetroDE
https://petrode.com/

Abstract:

Today EURs are most commonly estimated based on a single well at a time. In some cases automated approaches are used, but the accuracy is often questioned, thus resulting in low usage. By using large numbers of wells at a time, however, statistical guidance can be used to provide ensemble estimations of EUR. In addition, estimates of P90, P50, and P10 EURs can be computed as well as estimates of production efficiency. Using this approach, PetroDE can analyze an area of interest at the click of the button, saving the user invaluable time.

There are four Decline Projection curves generated to illustrate the result:
1. Mean - The average daily production rate for each month
2. P10 - The value where 10 percent of the wells in that month produced at a higher rate than this
value
3. P50 - The median of a distribution, such that 50 percent of the wells produced at a higher rate,
and 50 percent produced at a lesser rate than this value
4. P90 - The value where 90 percent of the wells produce at a greater rate than
this value

These decline curves provide engineers with a tool that can quickly and
accurately calculate decline projection curves for an area of interest or an entire
formation. By using a set of wells together in an appropriate statistical way, a better estimate
can be made. This highly repeatable process of aggregating all wells at once instead of analyzing
one well at a time lessens the effect of outlying
wells, while not completely discounting their contribution.

Location

Petroleum Professional Development Center - PPDC (View)
105 W. Illinois
Midland, TX 79701
United States
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Categories

Education > Business

Kid Friendly: No
Dog Friendly: No
Wheelchair Accessible: Yes!

Contact

Attendees

Ralph G.
E. Ralph Green, Petroleum Consultant
United States
Mar 27, 2017 9:01 PM
Jeff S.
Liberty Oilfield Services
United States
Mar 27, 2017 6:20 PM
Name Withheld
Mar 27, 2017 4:04 PM
Name Withheld
Midland, TX United States
Mar 27, 2017 4:00 PM
Cole M.
Thrivent Financial
United States
Mar 27, 2017 11:37 AM

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